Sell-off In Eurodollar At Start Of Trading Week

• 27 Aug 2019

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USD/JPY

 

USD/JPY has spiked through and rebounded from the 105.28 support level which has since resulted in the return of sellers. The overall, long-term trajectory is descending and there are short-lived attempts by buyers to push price action higher. Momentum indicators remain in strongly bearish territory, with further downside potential.  

 

 

 

 

 

EUR/USD

 

The Euro recovery has been reversed with a strong sell-off in yesterday’s trading, taking price action back towards the 1.107 price level. On each previous ocassion when price action has touched this support level price action has undergone a bullish reversal. Momentum indicators remain in bearish territory.

 

 

 

 
 GBP/USD

 

The GBP/USD pair has broken the 1.218 resistance line with a strong bullish move. Yet the break has resulted in a return of sellers and the pair has been unable to clear the support level. Momentum indicators have upward trajectories yet remain in bearish territory. 

 

 

 

USD/CHF

 

The USD/CHF pair has rebounded from the 0.971 support level taking price action back towards the 0.981 resistance line. The overall trend is downward for the pair with the occasional bullish rebound in price action. Momentum indicators have upward trajectories but remain in bearish territory.

 

 

 

 

USD/CAD

 

The USD/CAD pair has been unable to break the 1.330 resistance level, as sellers dominate, taking price action towards the 1.323 support line. A key support area exists at the 1.320 support level where price action has rebounded previously. Momentum indicators have turned bearish with MACD heading towards the zero line and RSI testing the 50 default level.  

 

 

 

SILVER

 

Silver is testing the 17.69 resistance line in a breakaway rally for the metal. This resistance line represents a long-term resistance area and a break would prove significant. Small-bodied candles and the presence of selling pressure indicates that the rally may not last. Additionally, momentum indicators have flattened in bullish territory and RSI is testing overbought conditions.

 

 

 

 

GOLD

 

Gold continues to test the ascending trendline with bullish price action spiking the trendline, yet pulling back.  This may be the first indication of a price reversal. A momentum reversal is also underway as indicators move away from overbought conditions.  

 

 

 

 

OIL

 

WTI continues to test both the 54.92 support level and the descending trendline yet the oscillations are becoming smaller in the longer-term downtrend. Selling pressure continues despite the return of buyers. Momentum indicators are neutral if slightly bearish. 

 

 

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